Martin Shkreli, also known as ‘Pharma Bro,’ directed his attention to former Binance CEO Changpeng “CZ” Zhao’s situation, with CZ having recently pleaded guilty to money laundering charges as part of a $4.3 billion settlement. “Jail ain’t so bad,” Shkreli stressed, speculating that CZ could spend up to 1 year in jail or get probation.
Martin Shkreli to CZ: ‘Jail Ain’t so Bad’
Martin Shkreli, also known as ‘Pharma Bro’ due to his links to pharmaceutical companies, has referred to the situation of former Binance CEO Changpeng “CZ” Zhao and the odds he has of serving time in jail. Shkreli, who was sentenced to serve seven years in jail on securities fraud and conspiracy charges, told CZ that “jail ain’t so bad” and speculated about how much time (if any) he could serve according to his plea deal.
Zhao pleaded guilty to felony charges related to the Bank Secrecy Act (BSA), with the Department of Justice (DOJ) stating that he had “violated federal law that requires financial institutions to guard against money laundering and terrorist financing.”
According to the NYT, Zhao faces up to 18 months in prison under federal sentencing guidelines, but prosecutors are keeping open the possibility of asking for a stiffer penalty. If his sentence is lower than 18 months, Zhao’s deal includes waving his right to appeal.
Shkreli explained:
If this (BSA) is the charge he may get probation to 1 year, would be a decent deal for CZ to not get hit with title 18, ch 1956. He good on any pound in this case. Camp status, no violence. Might get to work on his push-up game.
Section 1956 of Title 18 of the U.S. Code establishes sentences of up to 20 years in jail and fines for anyone who “conducts or attempts to conduct a financial transaction involving property represented to be the proceeds of specified unlawful activity, or property used to conduct or facilitate specified unlawful activity.”
DOJ Flexes Its Power
Shkreli also discussed the real motivations behind the DOJ’s power move, stating that this action had to do with showing “the ability for the U.S. Government to shake you down whenever they feel like it.”
He stressed:
Remember, anon & friends, the criminal division of the DOJ can do whatever it wants to you, too. This isn’t about ‘the law’ or protecting people. It’s demonstrating the awesome power of government to put you in a cage.
This is not the first time Shkreli has discussed jail with a cryptocurrency personality. Shkreli told the same thing to former Terraform Labs founder Do Kwon, having also recently revealed details about former FTX CEO Sam Bankman-Fried’s experiences in jail.
What do you think about Shkreli’s thoughts on CZ’s sentence? Tell us in the comments section below.
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